Bitcoin dominance reached the highest level since April 2021; BRICS nations unveiled its new payment system, BRICS Pay; Stripe acquired stablecoin platform Bridge in a US$1.1 billion deal.
US spotBitcoin ETFs had a weekly net inflow of $998 million last week. Spot Ether ETFs saw a $25 million net outflow.
On the macro side, the Bank of Canada reduced interest rates by 0.5% to 3.75%, the first 50-basis-point cut since the COVID-19 pandemic. The inflation rate in Canada dropped to 1.6% in September, within the bankโs target of 2%. The S&P Global Flash US Composite PMI, which tracks service and manufacturing sectors in the US, rose to 54.3 in October from 54.0 in September, indicating continued growth in business activities. The latest CME FedWatch Tool showed a 95% probability of a November rate cut in the US (vs 94% last week).
Notable updates: Gala (GALA) released the GalaChain Decentralization Whitepaper, ApeCoin (APE) launched ApeChain; the Crypto.com App listed Scroll (SCROLL) and Lumia (LUMIA).
Notable events in the coming week: Bank of Japan interest rate decision, US GDP, US Core Personal Consumption Expenditures Price Index, and EU GDP
Weekly Market Index
All three indices were down last week. Price, volume, and volatility indices decreased by -2.26%, -3.18%, and -33.56%,respectively. Volatility drop was led by DOGE (-59.90%) and ETH (-44.92%).
Chart of the Week
Bitcoin dominance reached 58.1% on 27 October, the highest level since April 2021, according to data from Coinglass. Higher Bitcoin dominance often indicates that investors are favouring Bitcoin over altcoins. This coincided with ETHโs lacklustre performance against tokens like BTC and SOL. The ETH/BTC price ratio reached 0.038 on 18 September, the lowest since April 2021, while SOL/ETH hit a record high of around 0.0692 on 23 October.
Weekly Performance
BTC and ETH decreased by -1.5%and -9.4%, respectively, in the past seven days. Prices for all other selected top market capitalisation tokens decreased except SOL (+3.9%). The SOL/ETH price ratio hit a record high of 0.0692 on 23 October, which coincided with rising decentralise exchange (DEX) usage on Solana and meme coin activities. SUI (-20.9%) and LDO (-15.2%) led the decrease.
Key categories all decreased in market capitalisation change in the past seven days. The NFT category led the drop.
Aurum Equity Partners announced the launch of a $1 billion tokenised fund. It will rely on Zoniqxโs asset tokenisation solutions and leverage XRP Ledger (XRPL) to explore real-world asset (RWA) tokenisation. The fund will focus on establishing data centres in the US, UAE, Saudi Arabia, India, and Europe.
The BRICS nations (Brazil, Russia, India, China and South Africa), unveiled a new payment system, BRICS Pay. It utilises blockchain technology and enables BRICS nations to conduct cross-border transactions without multiple intermediaries. BRICS Pay supports digital currencies or stablecoins pegged to national currencies of the member countries, and can help to reduce reliance on USD.
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๐ Bitcoin dominance reached the highest level since April 2021; BRICS nations unveiled BRICS Pay
Bitcoin dominance reached the highest level since April 2021; BRICS nations unveiled its new payment system, BRICS Pay; Stripe acquired stablecoin platform Bridge in a US$1.1 billion deal.
